It's Black Friday in my country so technically we're not supposed to be working. This was a day of limited trading as well, but I still monitored the situation every now and then. I traded LUNA and GMT today and got a bit over my quota.
As always, anything I mention here is not financial advice but my thoughts and my plans on the tokens discussed.
BTC Situation
Things aren't looking too good for BTC at the moment. It seems like a Head & Shoulders pattern is forming on the hourly. Because of this pattern, it seems that it is time to switch biases to short. The confirmation of this pattern may come in the next few hours to days, so proceed with caution.
My Trades Today
GMT
The best way to earn in GMT is to trade the range. The Gann Box strategy here is a good enough as it allowed me to switch biases depending on which part of the Gann Box it was in. Of course, proper risk management is still important here so if you are going to use this strategy, exercise caution.
LUNA
I entered LUNA after a double bottom on the 15 min TF. This got me an entry price of 81.1, then I sold it at 81.8 shortly after. Right now it's behavior is showing the downtrend is still strong and it looks like it's headed to 77 area.
Tomorrow's Watchlist
LUNA
As mentioned earlier, LUNA looks like it's on a continuous downtrend, so we'll wait for the bounce or a change of character. Possible entry point might be 77 area.
GMT
Similar to yesterday, play the range!
Gentle Reminder
Although my bias is to short, the market is still uncertain right now. With that in mind, just remember that there will always be opportunities other days.
Credits
- Charts taken from Tradingview.com
- Pictures made using Canva.com